PEMX vs. ISCMF

Last updated Jun 24, 2026

PEMX (Putnam Emerging Markets Ex-China ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - PEMX is a Emerging Markets Diversified fund actively managed by Putnam, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. PEMX is actively managed, while ISCMF is passively managed. Over the past 3 years, PEMX returned 33.94%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.03, they often move in opposite directions. PEMX charges 0.85%/yr vs 0.19%/yr for ISCMF.

Performance

PEMX vs. ISCMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Emerging Markets Ex-China ETF (PEMX) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEMX achieves a 38.87% return, which is significantly higher than ISCMF's 22.87% return.

PEMX

• 1D: -6.08%
• 1M: 6.67%
• YTD: 38.87%
• 6M: 41.13%
• 1Y: 69.16%
• 3Y*: 33.94%
• 5Y*: —
• 10Y*: —

ISCMF

• 1D: 0.00%
• 1M: -4.99%
• YTD: 22.87%
• 6M: 22.87%
• 1Y: 31.30%
• 3Y*: 16.78%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PEMX vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEMX Putnam Emerging Markets Ex-China ETF	38.87%	34.01%	17.21%	15.13%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	0.84%

Correlation

The correlation between PEMX and ISCMF is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 18, 2023	-0.03

Return for Risk

PEMX vs. ISCMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PEMX

PEMX Risk / Return Rank: 87
PEMX Sharpe Ratio Rank: 89
PEMX Sortino Ratio Rank: 81
PEMX Omega Ratio Rank: 86
PEMX Calmar Ratio Rank: 88
PEMX Martin Ratio Rank: 88

ISCMF

ISCMF Risk / Return Rank: 78
ISCMF Sharpe Ratio Rank: 56
ISCMF Sortino Ratio Rank: 77
ISCMF Omega Ratio Rank: 98
ISCMF Calmar Ratio Rank: 92
ISCMF Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PEMX vs. ISCMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Emerging Markets Ex-China ETF (PEMX) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PEMX	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.76	+1.02
Sortino ratio: Return per unit of downside risk	3.33	3.18	+0.15
Omega ratio: Gain probability vs. loss probability	1.49	2.31	-0.82
Calmar ratio: Return relative to maximum drawdown	4.81	5.53	-0.72
Martin ratio: Return relative to average drawdown	18.22	11.85	+6.37

PEMX vs. ISCMF - Sharpe Ratio Comparison

The current PEMX Sharpe Ratio is 2.78, which is higher than the ISCMF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of PEMX and ISCMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PEMX vs. ISCMF - Drawdown Comparison

The maximum PEMX drawdown since its inception was -14.91%, smaller than the maximum ISCMF drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for PEMX and ISCMF.

Drawdown Indicators

	PEMX	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-14.91%	-25.42%	+10.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.45%	-5.69%	-8.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	-7.62%	-7.29%
Current Drawdown Current decline from peak	-6.08%	-5.26%	-0.82%
Average Drawdown Average peak-to-trough decline	-2.85%	-13.35%	+10.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	2.65%	+1.16%

Volatility

PEMX vs. ISCMF - Volatility Comparison

Putnam Emerging Markets Ex-China ETF (PEMX) has a higher volatility of 14.35% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 5.11%. This indicates that PEMX's price experiences larger fluctuations and is considered to be riskier than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEMX	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	5.11%	+9.24%
Volatility (6M) Calculated over the trailing 6-month period	22.77%	15.45%	+7.32%
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	17.84%	+7.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	14.29%	+5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	14.29%	+5.20%

PEMX vs. ISCMF - Expense Ratio Comparison

PEMX has a 0.85% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

PEMX vs. ISCMF - Dividend Comparison

PEMX's dividend yield for the trailing twelve months is around 5.04%, while ISCMF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
ISCMF iShares Diversified Commodity Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%
PEMX Putnam Emerging Markets Ex-China ETF	5.04%	7.00%	5.00%	0.72%

Frequently Asked Questions

Can I hold both PEMX and ISCMF in my portfolio?

PEMX and ISCMF have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEMX or ISCMF?

PEMX has higher volatility (14.35%) compared to ISCMF (5.11%). In terms of maximum drawdown, PEMX dropped -14.91% vs ISCMF's -25.42%.

Which ETF is better, PEMX or ISCMF?

On 3-year performance, PEMX leads with 33.94% vs 16.78% for ISCMF. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEMX or ISCMF?

Over the 3-year period, PEMX has performed better with a 33.94% return vs 16.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEMX or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.85% for PEMX.

Which ETF pays a higher dividend yield, PEMX or ISCMF?

PEMX has the higher dividend yield at 5.04%, compared with 0.00% for ISCMF.

What is the main difference between PEMX and ISCMF?

PEMX is categorized as Emerging Markets Diversified, while ISCMF is Commodities. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.85% for PEMX and 0.19% for ISCMF.

Which has better risk-adjusted returns?

PEMX currently has the higher Sharpe Ratio (2.78 vs 1.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.